By IvyLee Rosario
Nicola Wealth Management Ltd.’s subsidiary Nicola Crosby has acquired Swift Gateway, an office building in Bellevue, Wash., for $25.5 million. Kidder Mathews represented the seller, Swift Real Estate Partners, in the transaction. The sale was subject to a $14.5 million loan held by Principal Financial Group, according to Yardi Matrix.
Located at 915 118th Ave. SE, the Class A property comprises 68,290 square feet across three stories. Constructed in 1988, the asset was fully renovated in 2016, when Swift Real Estate Partners purchased the building from Walton Street Capital for $18.3 million, according to Yardi Matrix. Swift Gateway offers 220 parking spaces, Wi-Fi, two passenger elevators and an on-site conference room. The property is within close proximity to interstates 405 and 90, as well as within walking distance to the South Bellevue Park and Ride.
Joe Lynch and Andy Miller of Kidder Mathews facilitated the deal. “The deal indicates that suburban office product is continuing to attract a significant amount of investment interest due to strong fundamentals in the market and the higher yields compared to the central business districts,” said Lynch, in a prepared statement.
Image courtesy of Kidder Mathews